Saudi Arabia is expected to announce a deal to invest as much as $40 billion to help build out U.S. infrastructure when President Trump visits the oil-rich kingdom later this week.
Bloomberg characterized the Saudi infrastructure investments as "unprecedented," saying the Saudi sovereign wealth fund is prepared to announce its plans during Trump's visit.
The visit is part of Trump's first trip abroad as president.
The kingdom's state-owned oil company, Saudi Aramco, is also expected to announce 10 deal signings with U.S.-based oil services companies such as Halliburton and Baker Hughes, as well as manufacturing companies such as General Electric.
The deals would enable the Saudis to source most of their oil and gas materials from within the country by 2021. Under the terms of the deal, the companies would open manufacturing plants and train the Saudi workforce, sources privy to the deals told the news group.
The deals will be focused on investment in the kingdom to create jobs for Saudis, while the anticipated $40 billion announcement will include working with companies on large projects in the United States, the sources told Bloomberg.
Saudi Aramco has not responded to emails to comment on the deals.